Updated: May 22, 2024
Advertising & Editorial Disclosure
The average cost of homeowners insurance in Rhode Island in 2024 is $1,650. That’s $773 less than the national average of $2,423.
Aside from the coverage amount you get, credit rating significantly impacts premiums in Rhode Island, with an annual premium difference of around $1,699 relative to the credit rating. If your rates have recently increased, our analysis of the cheapest plans in the state may help you find more affordable options.
MoneyGeek’s home insurance calculator will give you a ballpark estimate of your cost — it’s free, no personal information required, no spam.
Rates updated:
Jul 26, 2024
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Table of Contents
To establish the average cost of homeowners insurance in Rhode Island, MoneyGeek used quotes from various providers for a profile that reflects the average homeowner.
These rates reflect the average cost of home insurance in Rhode Island as of 2024.
In Rhode Island, the average homeowners insurance premium is $1,650 for policies with $250K in dwelling coverage, $125K in personal property coverage and $200K in liability coverage, which is less than the $2,423 national average.
Selecting how much coverage you need is critical to having the right coverage. Ensure that you have adequate protection of your home and belongings in case you've lost them all in an event.
For instance, a policy with $100K in dwelling coverage has an average annual premium of $937. If your property requires $500K in dwelling coverage, the average premium rises to $2,943.
| $100K Dwelling / $50K Personal Property / $100K Liability | Average Annual Premium$937 |
| $250K Dwelling / $125K Personal Property / $200K Liability | Average Annual Premium$1,650 |
| $500K Dwelling / $250K Personal Property / $300K Liability | Average Annual Premium$2,943 |
| $750K Dwelling / $375K Personal Property / $500K Liability | Average Annual Premium$4,345 |
Premiums for homeowners insurance in Rhode Island show notable variation across providers for comparable coverage levels. For example, a policy with State Farm may cost significantly less than one with Allstate, despite offering similar protection for your home.
Differences in underwriting can lead to a range of premium quotes, so it's wise to compare options when looking for Rhode Island's best homeowners insurance.
| State Farm | Annual Premium$1,188 |
| PURE | Annual Premium$1,402 |
| Nationwide | Annual Premium$1,443 |
| Farmers | Annual Premium$1,528 |
| AIG Insurance | Annual Premium$1,533 |
| Amica | Annual Premium$1,706 |
| The Andover Companies | Annual Premium$1,830 |
| Allstate | Annual Premium$2,574 |
Rhode Island homeowners with poor credit ratings face an average annual premium of $3,061, exceeding the state average by $1,411. On the other hand, those with excellent credit pay an average yearly premium of $1,362 for homeowners insurance. This demonstrates how credit scores directly affect insurance rates.
While improving your credit score takes time, immediate steps can potentially be taken to lower your rates. Comparing insurers allows you to find the most competitive rates for your situation, resulting in possible savings. You can begin this process and see which insurers offer the best rates for homeowners in Rhode Island in less than 15 minutes.
| Poor | Annual Premium$3,061 |
| Below Fair | Annual Premium$2,392 |
| Fair | Annual Premium$1,966 |
| Good | Annual Premium$1,650 |
| Excellent | Annual Premium$1,362 |
Roofing materials play a role in determining the cost of homeowners insurance, though they are not the primary factor. In Rhode Island, a home with a tile roof may lead to slightly lower premiums due to its durability and resistance to certain damages. On the other hand, shake-treated roofs are more vulnerable to the elements, incurring higher insurance premiums.
Construction materials also influence insurance premiums, with more durable materials potentially leading to cost savings. For instance, homes in Rhode Island constructed with superior materials more resistant to severe weather may enjoy more favorable insurance rates than standard frame homes.
Use the drop-downs in the table below to see how premiums change based on your home's materials.
| $100K Dwelling / $50K Personal Property / $100K Liability | Annual Premium$937 |
| $250K Dwelling / $125K Personal Property / $200K Liability | Annual Premium$1,650 |
| $500K Dwelling / $250K Personal Property / $300K Liability | Annual Premium$2,943 |
| $750K Dwelling / $375K Personal Property / $500K Liability | Annual Premium$4,345 |
| $1M Dwelling / $500K Personal Property / $1M Liability | Annual Premium$5,722 |
Insuring a newly constructed home in Rhode Island averages $1,053 annually, markedly lower than the $1,650 average for older homes. This reduction in premium reflects the benefits of modern materials and adherence to current building codes. The table below highlights the cost differences for varying coverage levels in new versus existing homes.
| Existing Construction (2000) | Annual Premium$1,650 |
| New Construction (2023) | Annual Premium$1,053 |
In Rhode Island, homeowners with no insurance claims in the past five years can expect an average annual premium of $1,650. However, if you've filed one claim within the past five years, the average jumps to $2,054. For those with two claims, the average premium increases to $2,459.
| Claim free for 5+ years | Annual Premium$1,650 |
| 1 claim in past 5 years | Annual Premium$2,054 |
| 2 claims in past 5 years | Annual Premium$2,459 |
In Rhode Island, flooding and ice storms are the top natural disasters homeowners might face. While homeowners insurance typically covers ice storm damage, it often does not cover flood damage.
Shopping for home insurance in Rhode Island can be a smooth process, and finding a great deal is within reach if you understand the various factors that affect your premium. Here's how to find the best deal for you.
Ask providers about the discounts they offer. Many insurers are willing to reduce your insurance costs for installing safety systems in your home.
Pick insurers with good service and fair claims.
For potential savings, look into the possibility of bundling your home and auto insurance.
Homeowners in Rhode Island looking to maximize savings might consider bundling their home and auto insurance policies. On average, Rhode Islanders can save about 10% when they bundle their home and auto insurance, which could unlock a potential savings of up to $846 annually. For a maximum multipolicy bundle savings potential, explore the best home and auto bundles in Rhode Island.
Rhode Island homeowners can snag insurance discounts through various means.
To maximize savings, inquire about available discounts when requesting a quote.
State Farm tends to be the cheapest provider in Rhode Island, with premiums as low as $1,188. For more options, explore cheap national providers.
Homeowners insurance typically covers hail, windstorms, wildfire, and volcanic eruptions. Flooding is not covered; consider flood insurance. Flood insurance can be purchased through the National Flood Insurance Program or a private flood insurer, and some home insurers offer it as an endorsement.
Credit rating is a significant factor that impacts the price of home insurance in Rhode Island, with premiums ranging from $1,362 to $3,061 for excellent and poor credit scores, respectively.
Bundling your home and auto insurance can save you an average of 10% in Rhode Island. This translates to up to $846 yearly savings.
Whether you're a new homeowner, looking to switch policies, or simply seeking more information, the following list offers valuable tools and insights into insurance options, regulations and more.
About Mark Fitzpatrick
Mark Fitzpatrick has analyzed the property and casualty insurance market for over five years, conducting original research and creating personalized content for every kind of buyer. Currently, he leads P&C insurance content production at MoneyGeek. Fitzpatrick has been quoted in several insurance-related publications, including CNBC, NBC News and Mashable.
Fitzpatrick earned a master’s degree in economics and international relations from Johns Hopkins University and a bachelor’s degree from Boston College. He is passionate about using his knowledge of economics and insurance to bring transparency around financial topics and help others feel confident in their money moves.
